PM Franchise Options

#1

What are your thoughts on purchase of franchise? yay, nay or start up fresh?

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#2

I think it depends on what your trying to achieve, we went the start up route, it’s a lot harder but it gave us more control…

I think if your a property manager and wanting to build an income stream or small portfolio then a franchise can give you good support.

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#3

I have seen establish companies convert into franchises. I don’t understand the why behind that.

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#4

Hi Shadi. Stay away from the franchise model. They will promise the earth and deliver very little. The fee is always plus, plus, plus and you get very little say on best practice. Yes you may get some trust credability with landlords and buyers ( which is something we found) but your better off spending the money on getting involved, engaging and supporting your local community.

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#5

I’ve been a BDM and Head of Department for both boutique and franchise. Boutique is harder to get established and you’re always competing with the “big fish.” However, there is a lot of advantages to both that you can promote to landlords and customers alike. I always found it quite easy to sell the boutique angle for a more personalised service, family business, hands on etc etc. This resonates well with a lot of people. The big franchises offer you an easy “in” with prospecting because it’s an associated household name. Lots of pros and cons for each. Personally, after experiencing both, if I started by own business today, I wouldn’t go franchise purely because I don’t feel there is one that can justify their franchise fees

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#6

Thank you so much… appreciate you sharing this with me.

#7

Thanks Brett! appreciate your thoughts. :slight_smile: